Bitcoin Represents 99% of All Crypto Power: Michael Saylor

• Bitcoin Mining Council report revealed that the BTC mining hash rate went up by 73%.
• The technological efficiency of the worldwide Bitcoin Network also increased by 23%.
• Michael Saylor says BTC now represents 99% of all crypto power.

Yesterday, the Bitcoin Mining Council (BMC), a BTC mining company forum, announced its third-quarter survey findings, confirming year-on-year improvements in sustainable power mix and efficiency.

The Q3 report examined three metrics: electricity consumption, technological efficiency, and sustainable power mix. According to the finding, the hash rate of the BMC membership climbed from 35 EH at inception to 105 EH in Q3 2022. With members on five continents, BMC presently makes up 45.4% of the Bitcoin Mining Network.

The report also revealed that 67.8% of the electricity used by BMC members and survey respondents now comes from renewable sources. By implication, the worldwide Bitcoin mining business now has one of the most sustainable electricity after the industry’s sustainable electricity mix hits 59.4%, approximately a 3% increase from Q3 2021.

Additionally, the technological efficiency of the worldwide Bitcoin Network increased by 23%, rising from 17.7 EH per gigawatt (GW) in 2021 to 21.7 EH this year. In the council’s opinion, the current data proves that Bitcoin becomes more efficient as the Bitcoin Network expands.

The latest data marks the BMC’s sixth quarterly release. Notably, the Bitcoin Mining Council came to life in May 2021 with backing from several biggest mining businesses. The Chairman of MicroStrategy, Michael Saylor, said:

With a hash rate approaching 267 EH, Bitcoin represents 99% of all crypto power, offering 100 times the security of all the other crypto networks combined.

The chief mining officer of Bitfarms added that as Bitcoin security increased by 73% and mining efficiency increased by 23%, the network has never been stronger.